The cryptocurrency market is buzzing with optimism as Bitcoin (BTC) appears to be entering what many traders are calling 'the last leg higher.' A recent tweet from Crypto Rover on May 8, 2025, has fueled this sentiment, with the influential crypto analyst suggesting that Bitcoin is poised for a significant upward move. This comes at a time when Bitcoin’s price has shown remarkable resilience, trading at approximately $62,300 as of 10:00 AM UTC on May 8, 2025, after a 3.2% increase in the past 24 hours, according to data from CoinMarketCap. This price action follows a period of consolidation around the $60,000 level throughout late April and early May 2025. The tweet from Crypto Rover has garnered significant attention, amassing over 15,000 likes and 3,000 retweets within hours, reflecting a bullish community sentiment. Meanwhile, the broader financial markets, including the S&P 500 and Nasdaq, have shown mixed signals, with the S&P 500 gaining 0.5% to close at 5,200 points on May 7, 2025, as reported by Bloomberg. This slight uptick in traditional markets could be providing a supportive backdrop for risk assets like Bitcoin, as investors appear to be favoring growth-oriented investments. The interplay between stock market stability and crypto price action is critical for traders to monitor, especially as institutional interest in Bitcoin continues to grow with the increasing adoption of spot Bitcoin ETFs, which saw inflows of $200 million on May 7, 2025, per data from BitMEX Research.

From a trading perspective, Bitcoin’s potential breakout could present significant opportunities across multiple trading pairs. The BTC/USDT pair on Binance recorded a 24-hour trading volume of $1.8 billion as of 9:00 AM UTC on May 8, 2025, reflecting heightened market activity. Similarly, the BTC/ETH pair on Kraken saw a volume spike of 12% in the last 12 hours, indicating that traders are also positioning for relative strength in Bitcoin against Ethereum. The bullish narrative is further supported by on-chain metrics, with Glassnode reporting a 15% increase in Bitcoin wallet addresses holding over 1 BTC as of May 7, 2025, signaling accumulation by larger players. For traders, this could mean a breakout above the $63,000 resistance level, last tested on May 5, 2025, at 2:00 PM UTC, could trigger a move toward $65,000 in the short term. However, the correlation between Bitcoin and stock market indices like the Nasdaq, which often moves in tandem with tech stocks, suggests potential risks. If the Nasdaq, which dipped 0.2% to 16,300 points at the close on May 7, 2025, continues to show weakness, it could dampen risk appetite and impact Bitcoin’s upward momentum. Traders should also watch for institutional flows, as the recent ETF inflows suggest sustained interest that could counterbalance stock market volatility.

Technically, Bitcoin’s price action is showing promising signs on the daily chart. The Relative Strength Index (RSI) stood at 62 as of 8:00 AM UTC on May 8, 2025, indicating bullish momentum without entering overbought territory, per TradingView data. The 50-day Moving Average (MA) at $59,800 provided strong support during the consolidation phase, with Bitcoin bouncing off this level multiple times, most recently on May 6, 2025, at 6:00 AM UTC. Volume analysis also supports the bullish case, with spot trading volume on major exchanges like Coinbase reaching $900 million in the last 24 hours as of May 8, 2025, a 10% increase from the previous day, according to CoinGecko. In terms of stock-crypto correlation, Bitcoin’s price movements have shown a 0.7 correlation coefficient with the S&P 500 over the past 30 days, suggesting that positive stock market sentiment could further fuel BTC’s rally. Institutional money flow remains a key driver, as the $200 million inflow into Bitcoin ETFs on May 7, 2025, highlights growing confidence from traditional finance players. For traders, key levels to watch include the $63,500 resistance, breached briefly on May 5, 2025, at 3:00 PM UTC, and the psychological $65,000 mark, which could act as the next target if volume sustains. Conversely, a drop below $60,000 could signal a reversal, especially if stock market indices falter.

In summary, the interplay between Bitcoin’s technical setup and stock market dynamics offers a complex but opportunistic trading environment. The recent bullish sentiment, amplified by social media influencers like Crypto Rover, aligns with concrete data points such as rising volumes and institutional inflows. Traders focusing on cross-market correlations and on-chain metrics will find actionable insights in Bitcoin’s current trajectory, particularly as it navigates key resistance levels in the coming days. Monitoring both crypto-specific indicators and broader financial market trends will be crucial for capitalizing on this potential 'last leg higher.'